August 13th, 2013: EOD Update
Posted by pugsma on August 13, 2013
4:00 pm EST: A measured move of at 33 points (1709-1676) is coming on break below 1676 (target 1643) or above 1709 (target 1743). A have adjusted the primary and alternate (blue) counts accordingly. See the details on the charts below.
The primary count is that wave (1) of minor A or major [A]-P4-C1 ended today at 1683 as a leading diagonal. A typical wave (2) retrace out of a leading diagonal is 78%, which is 1703. This primary count remains valid as long as wave (2) remains below 1709. Once wave (2) completed near 1703, the wave (3) target is 1634, where (3)=2.62*(1). The minor A wave should reach 1620 support before a minor B wave bounce to 1665. Ultimately, minor C of major [A] target is in the 1468 to 1512 area.
The alternate (blue) count is that minor 4 of major [5]-P3-C1 ended today at 1683 as an ending diagonal. The move up to 1703 is wave (1) of minor 5. There should be a wave (2) retrace of about 50% to 1693, before wave (3) heads for the (3)=1.62*(1) at 1725. Ultimately, minor 5 should reach 1743, where minor 5=1. There is also a higher target at 1779, where P3=P1 This alternate (blue) wave count remains valid above 1683.
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
SP-500 4-hr chart (EOD):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.